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Wilbur Ross gets slammed for backing Trump’s stance on delaying tariffs

Hayman Capital Management founder Kyle Bass told CNBC on Tuesday that President Trump blinked to keep the stock market from sliding even lower.

If that’s the case, well, it didn’t last long.

At last check, the Dow Jones Industrial Average












DJIA, -2.35%,










rattled by an inverted yield curve, was down more than 700 points on Wednesday to give back the prior session’s gains… and then some.

Amid the retreat, Commerce Secretary Wilbur Ross echoed the president’s justification for delaying the tariffs, a move that led famed short seller Jim Chanos to question Trump’s status as “the world’s greatest negotiator”:


‘Nobody wants to take any chance of disrupting the Christmas season… this was not a quid pro quo.’


Ross went on to explain to CNBC that the planned tariffs had been studied long before the market fell off July’s all-time highs.

“We’ve been doing analysis since the hearings were announced by the USTR,” Ross said. “Even though they were only announced as being imposed recently, the analytical work began well before that.”

Here’s the interview:

Following his comments, Ross immediately started trending across Twitter












TWTR, -2.33%










 , and not in a positive way:

Meanwhile, Trump continues to defend the tariffs, having approvingly quoted a Fox Business Network host who said they haven’t hurt the economy.

“And we are taking in $Billions!” Trump tweeted.



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